Cryptocurrency News

Market Capitalization of Dogecoin is now hitting $50 Billion

Since the beginning of 2021, there have been talks of the entire cryptocurrency industry experiencing a bullish trend. Several cryptocurrencies making a lot of names and gaining a lot of market capitalization for several months.

However, one particular cryptocurrency went on from being a meme to becoming one of the most rallied cryptocurrencies since the start of 2021.

Dogecoin (DOGE), a digital asset that was once launched as a source of entertainment and fund by developers is now gaining remarkable success. Since the beginning of 2021, Dogecoin (DOGE) prices started gaining momentum, and the personality that helped give it a boost was Elon Musk.

Elon Musk, the founder of Tesla and SpaceX is a proponent of Dogecoin (DOGE), and ever since the beginning of 2021, his tweets have sparked many surges into the cryptocurrency industry.

One of the major spark produced by Elon Musk was for Dogecoin (DOGE) where he praised the digital asset. By now Elon Musk has become such a personality that any statement he makes through social media is perceived as a revelation.

Then there is the Dogecoin (DOGE) army on the Reddit platform that decided to rally on the digital asset, which resulted in DOGE’s prices shooting through the roof and hit all-time highs.

For the entire month of January, DOGE found itself in the headlines but then it just vanished from social media. The main reason was that the growth rate in DOGE had become significantly low.

However, in the last 10 days, DOGE has started gaining the same momentum it experienced back in January 2021. According to sources, the last 10 days have proven to be very essential for digital assets. The main reason behind that is that in the last 10 days, DOGE has gained 500% growth in its price.

At the time of writing, the price of DOGE is hovering at around $0.45 per DOGE, which is after the digital asset experienced a price correction within 24 hours of the asset hitting its all-time high.

As a result of the recent rallying, DOGE has gained a lot of valuation and asset price. According to the analysts, DOGE has gained so much market capitalization in the last 10 days that it has even surpassed some major financial institutions.

The sources have confirmed that as of now, the market capitalization of DOGE is higher than companies such as Credit Agricole, Barclays, and ING. All of these firms are among the largest names in the financial industry.

As of now, the market capitalization of Dogecoin (DOGE) is around $50 billion and as per analysts, if DOGE manages to gain a market price of $1 per DOGE then its market capitalization would be around $156 billion.

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